Brexit came as a surprise to many of us and the economists reported the events with caution and suggested an economic slowdown. This can be bad news for homeowners looking to make a sale as there is usually a reduced demand for housing as buyers become more nervous and are put off buying. In turn, this often leads to a reduction in the value of a home which is very bad news, especially if you’re downsizing as you stand to lose more on the home you are selling than the you would save on the home you are buying.
On the flip side, if you’re upsizing, while to you may receive less for the property you are selling, you should also pay less for the property you are buying as there will be fewer others buyers looking to make that dream move.
For many however, selling a home can become even more stressful. Buyers will not only expect to pay less for your home but it may take months to sell (if it sells at all), so you’ll need to keep up with the house work for a little longer than normal to ensure the property is always ready to receive any viewings at short notice.
On the whole, many believe that those looking to move home may be best to ride out the economic storm for a few years until the dust of Brexit is settled and the economy gains a firm footing once more. Unfortunately, if you have got some money that you feel the need to spend, you’ll also get less for you money if you choose to spend it travelling as the value of Sterling drops against other world currencies in the wake of the Brexit vote.
It therefore seems to be the logical time to invest in your home as many of us will be living in our current homes for longer than we may have planned to just a few years ago. Not only can home improvements increase our comfort and the levels of enjoyment our homes give us, but they can also add to your homes desirability and value once the economic recovery is fully underway; indeed our staircases have been key features used by our customers to promote their homes on Rightmove in the past.
Our advice in a nutshell?
If you’re going to wait out the economic downturn, you may as well do it in comfort and style by investing in your home.